Gold Rates & Silver Rates Today (3/11/2026) LIVE: Spot Gold & Silver Price Falls Ahead Of US Midterm Election

Gold rates and silver rates in India are expected to be under pressure on November 3, 2026, as the global bullion market turned bearish in the early hours of Tuesday. Spot gold dropped marginally to trade around $3,940 per ounce, while spot silver crashed over 1.3% to trade below $50 per ounce.

The performance also comes as the American prepares to vote in the US midterm elections today. The Democrats are expected to lead Republicans by 8-9.4 points on a generic ballot. It is said that if Republicans do unexpectedly better than what the market prepared for, the reason could be the latest decline in petrol prices in September 2026. So far though, Wall Street has corrected sharply.

Experts also believe the US midterm elections will impact precious metals.

Gold has faced constant pressure this year as the conflict in the Middle East drove energy prices higher and fueled inflation, prompting central banks to raise interest rates. A global selloff in technology and AI stocks also triggered widespread liquidations, adding further pressure on precious metals markets. Meanwhile, investors are closely watching the US midterm elections, as the Trump administration and Republican Party face growing political pressure over elevated energy costs, as per Trading Economics. {live-blog}